haku: @author Freixas, X. / yhteensä: 7
viite: 5 / 7
| Tekijä: | Freixas, X. Parigi, B. |
| Otsikko: | Contagion and efficiency in gross and net interbank payment systems. |
| Lehti: | Journal of Financial Intermediation
1998 : JAN, VOL. 7:1, p. 3-31 |
| Asiasana: | BANKS PAYMENT SYSTEMS |
| Kieli: | eng |
| Tiivistelmä: | The increased fragility of the banking industry has generated growing concern about the risks associated with payment systems. How should payment systems be designed? The authors study this question by comparing the two main types of payment systems, gross and net, in a framework where uncertainty arises from several sources: the time of consumption, the location of consumption and the return on investment. Payments across locations can be made either by directly transferring liquidity or by transferring claims against the bank in the other location. The two mechanisms are interpreted as the gross and net settlement systems in interbank payments. They characterize the equilibria in the two systems and identify the trade-off in terms of safety and efficiency. |
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